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CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Tables)
 3 Months Ended
Dec. 31, 2019
Consolidating Guarantor And Non Guarantor Financial Information [Abstract]  
Condensed Consolidating Balance Sheets
CONDENSED CONSOLIDATING BALANCE SHEETS
At December 31, 2019
 
($ in thousands)
Parent Company
 
Guarantor Companies
 
Non-Guarantor Companies
 
Elimination
 
Consolidation
CURRENT ASSETS
 

 
 

 
 

 
 

 
 

Cash and equivalents
$
3,070

 
$
25,532

 
$
36,190

 
$
—

 
$
64,792

Accounts receivable, net of allowances
—

 
241,261

 
32,533

 
(1,222
)
 
272,572

Contract costs and recognized income not yet billed, net of progress payments
—

 
94,672

 
2,154

 
—

 
96,826

Inventories, net
—

 
391,447

 
75,869

 
(247
)
 
467,069

Prepaid and other current assets
11,041

 
26,573

 
6,906

 
(146
)
 
44,374

Assets of discontinued operations
—

 
—

 
321

 
—

 
321

Total Current Assets
14,111

 
779,485

 
153,973

 
(1,615
)
 
945,954

PROPERTY, PLANT AND EQUIPMENT, net
1,313

 
284,774

 
46,061

 
—

 
332,148

OPERATING LEASE RIGHT-OF-USE ASSETS
10,483

 
125,259

 
18,637

 
—

 
154,379

GOODWILL
—

 
375,734

 
70,856

 
—

 
446,590

INTANGIBLE ASSETS, net
92

 
222,536

 
135,115

 
—

 
357,743

INTERCOMPANY RECEIVABLE
40,433

 
907,715

 
105,239

 
(1,053,387
)
 
—

EQUITY INVESTMENTS IN SUBSIDIARIES
1,654,370

 
495,645

 
3,353,794

 
(5,503,809
)
 
—

OTHER ASSETS
8,206

 
24,343

 
—

 
(14,444
)
 
18,105

ASSETS OF DISCONTINUED OPERATIONS
—

 
—

 
2,883

 
—

 
2,883

Total Assets
$
1,729,008

 
$
3,215,491

 
$
3,886,558

 
$
(6,573,255
)
 
$
2,257,802

CURRENT LIABILITIES
 

 
 

 
 

 
 

 
 

Notes payable and current portion of long-term debt
$
—

 
$
2,589

 
$
6,862

 
$
—

 
$
9,451

Accounts payable and accrued liabilities
48,147

 
299,912

 
—

 
(1,078
)
 
346,981

Current portion of operating lease liabilities
1,823

 
22,389

 
4,080

 
—

 
28,292

Liabilities of discontinued operations
—

 
—

 
3,787

 
—

 
3,787

Total Current Liabilities
49,970

 
324,890

 
14,729

 
(1,078
)
 
388,511

 
 
 
 
 
 
 
 
 
 
LONG-TERM DEBT, net
1,091,638

 
2,743

 
42,753

 
—

 
1,137,134

LONG-TERM OPERATING LEASE LIABILITIES
9,816

 
106,191

 
14,942

 
—

 
130,949

INTERCOMPANY PAYABLES
64,689

 
527,147

 
490,808

 
(1,082,644
)
 
—

OTHER LIABILITIES
18,202

 
79,514

 
13,754

 
(8,171
)
 
103,299

LIABILITIES OF DISCONTINUED OPERATIONS
—

 
—

 
3,216

 
—

 
3,216

Total Liabilities
1,234,315

 
1,040,485

 
580,202

 
(1,091,893
)
 
1,763,109

SHAREHOLDERS’ EQUITY
494,693

 
2,175,006

 
3,306,356

 
(5,481,362
)
 
494,693

Total Liabilities and Shareholders’ Equity
$
1,729,008

 
$
3,215,491

 
$
3,886,558

 
$
(6,573,255
)
 
$
2,257,802


CONDENSED CONSOLIDATING BALANCE SHEETS
At September 30, 2019

($ in thousands)
Parent
Company
 
Guarantor
Companies
 
Non-Guarantor
Companies
 
Elimination
 
Consolidation
CURRENT ASSETS
 

 
 

 
 

 
 

 
 

Cash and equivalents
$
1,649

 
$
25,217

 
$
45,511

 
$
—

 
$
72,377

Accounts receivable, net of allowances
—

 
227,069

 
38,580

 
(1,199
)
 
264,450

Contract costs and recognized income not yet billed, net of progress payments
—

 
104,109

 
1,002

 
—

 
105,111

Inventories, net
—

 
372,839

 
69,540

 
(258
)
 
442,121

Prepaid and other current assets
8,238

 
25,754

 
6,951

 
(144
)
 
40,799

Assets of discontinued operations
—

 
—

 
321

 
—

 
321

Total Current Assets
9,887

 
754,988

 
161,905

 
(1,601
)
 
925,179

 
 
 
 
 
 
 
 
 
 
PROPERTY, PLANT AND EQUIPMENT, net
1,184

 
289,282

 
46,860

 
—

 
337,326

GOODWILL
—

 
375,734

 
61,333

 
—

 
437,067

INTANGIBLE ASSETS, net
93

 
224,275

 
132,271

 
—

 
356,639

INTERCOMPANY RECEIVABLE
5,834

 
864,884

 
75,684

 
(946,402
)
 
—

EQUITY INVESTMENTS IN SUBSIDIARIES
1,628,031

 
581,438

 
3,233,038

 
(5,442,507
)
 
—

OTHER ASSETS
8,182

 
24,635

 
(2,352
)
 
(14,625
)
 
15,840

ASSETS OF DISCONTINUED OPERATIONS
—

 
—

 
2,888

 
—

 
2,888

Total Assets
$
1,653,211

 
$
3,115,236

 
$
3,711,627

 
$
(6,405,135
)
 
$
2,074,939

CURRENT LIABILITIES
 

 
 

 
 

 
 

 
 

Notes payable and current portion of long-term debt
$
—

 
$
3,075

 
$
7,450

 
$
—

 
$
10,525

Accounts payable and accrued liabilities
41,796

 
266,411

 
68,390

 
(1,356
)
 
375,241

Liabilities of discontinued operations
—

 
—

 
4,333

 
—

 
4,333

Total Current Liabilities
41,796

 
269,486

 
80,173

 
(1,356
)
 
390,099

LONG-TERM DEBT, net
1,040,449

 
3,119

 
50,181

 
—

 
1,093,749

INTERCOMPANY PAYABLES
71,634

 
457,265

 
444,557

 
(973,456
)
 
—

OTHER LIABILITIES
21,569

 
81,582

 
15,017

 
(8,171
)
 
109,997

LIABILITIES OF DISCONTINUED OPERATIONS
—

 
—

 
3,331

 
—

 
3,331

Total Liabilities
1,175,448

 
811,452

 
593,259

 
(982,983
)
 
1,597,176

SHAREHOLDERS’ EQUITY
477,763

 
2,303,784

 
3,118,368

 
(5,422,152
)
 
477,763

Total Liabilities and Shareholders’ Equity
$
1,653,211

 
$
3,115,236

 
$
3,711,627

 
$
(6,405,135
)
 
$
2,074,939
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Three Months Ended December 31, 2019
 
($ in thousands)
Parent Company
 
Guarantor Companies
 
Non-Guarantor Companies
 
Elimination
 
Consolidation
Revenue
$
—

 
$
441,392

 
$
117,039

 
$
(9,993
)
 
$
548,438

Cost of goods and services
—

 
327,213

 
81,678

 
(10,374
)
 
398,517

Gross profit
—

 
114,179

 
35,361

 
381

 
149,921

Selling, general and administrative expenses
6,018

 
87,848

 
24,024

 
(92
)
 
117,798

 
 
 
 
 
 
 
 
 
 
Income (loss) from operations
(6,018
)
 
26,331

 
11,337

 
473

 
32,123

Other income (expense)
 

 
 

 
 

 
 

 
 

Interest income (expense), net
(6,324
)
 
(9,673
)
 
47

 
—

 
(15,950
)
Other, net
(97
)
 
(1,351
)
 
2,699

 
(473
)
 
778

Total other income (expense)
(6,421
)
 
(11,024
)
 
2,746

 
(473
)
 
(15,172
)
Income (loss) before taxes
(12,439
)
 
15,307

 
14,083

 
—

 
16,951

Provision (benefit) for income taxes
(4,395
)
 
5,727

 
5,007

 
—

 
6,339

Income (loss) before equity in net income of subsidiaries
(8,044
)
 
9,580

 
9,076

 
—

 
10,612

Equity in net income (loss) of subsidiaries
18,656

 
9,196

 
9,580

 
(37,432
)
 
—

 
 
 
 
 
 
 
 
 
 
Net Income (loss)
$
10,612

 
$
18,776

 
$
18,656

 
$
(37,432
)
 
$
10,612

Comprehensive income (loss)
$
17,453

 
$
18,776

 
$
18,656

 
$
(37,432
)
 
$
17,453


CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Three Months Ended December 31, 2018

($ in thousands)
Parent Company
 
Guarantor Companies
 
Non-Guarantor Companies
 
Elimination
 
Consolidation
Revenue
$
—

 
$
419,244

 
$
98,240

 
$
(6,962
)
 
$
510,522

Cost of goods and services
—

 
309,097

 
65,702

 
(7,323
)
 
367,476

Gross profit
—

 
110,147

 
32,538

 
361

 
143,046

Selling, general and administrative expenses
5,060

 
84,976

 
23,817

 
(99
)
 
113,754

Income (loss) from operations
(5,060
)
 
25,171

 
8,721

 
460

 
29,292

Other income (expense)
 

 
 

 
 

 
 

 
 

Interest income (expense), net
(6,307
)
 
(9,130
)
 
(894
)
 
—

 
(16,331
)
Other, net
(262
)
 
687

 
1,041

 
(462
)
 
1,004

Total other income (expense)
(6,569
)
 
(8,443
)
 
147

 
(462
)
 
(15,327
)
Income (loss) before taxes
(11,629
)
 
16,728

 
8,868

 
(2
)
 
13,965

Provision (benefit) for income taxes
(3,535
)
 
5,974

 
2,775

 
(2
)
 
5,212

Income (loss) before equity in net income of subsidiaries
(8,094
)
 
10,754

 
6,093

 
—

 
8,753

Equity in net income (loss) of subsidiaries
16,847

 
6,050

 
10,754

 
(33,651
)
 
—

Net Income (loss)
$
8,753

 
$
16,804

 
$
16,847

 
$
(33,651
)
 
$
8,753

 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
$
3,303

 
$
53,569

 
$
(4,551
)
 
$
(49,018
)
 
$
3,303
Condensed Consolidating Statements of Cash Flows
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the Three Months Ended December 31, 2019
($ in thousands)
Parent Company
 
Guarantor Companies
 
Non-Guarantor Companies
 
Elimination
 
Consolidation
CASH FLOWS FROM OPERATING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Net income (loss)
$
10,612

 
$
18,776

 
$
18,656

 
$
(37,432
)
 
$
10,612

Net cash provided by (used in) operating activities:
(42,309
)
 
12,888

 
11,252

 
—

 
(18,169
)
CASH FLOWS FROM INVESTING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Acquisition of property, plant and equipment
(212
)
 
(12,463
)
 
(497
)
 
—

 
(13,172
)
Acquired businesses, net of cash acquired
—

 
—

 
(10,531
)
 
—

 
(10,531
)
Proceeds from sale of assets
—

 
184

 
—

 
—

 
184

Net cash provided by (used in) investing activities
(212
)
 
(12,279
)
 
(11,028
)
 
—

 
(23,519
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Purchase of shares for treasury
(1,758
)
 
—

 
—

 
—

 
(1,758
)
Proceeds from long-term debt
65,329

 
13

 
6,615

 
—

 
71,957

Payments of long-term debt
(16,179
)
 
(40
)
 
(15,826
)
 
—

 
(32,045
)
Financing costs
(21
)
 
—

 
—

 
—

 
(21
)
Dividends paid
(3,392
)
 
—

 
—

 
—

 
(3,392
)
Other, net
(37
)
 
(3
)
 
—

 
—

 
(40
)
Net cash provided by (used in) financing activities
43,942

 
(30
)
 
(9,211
)
 
—

 
34,701

CASH FLOWS FROM DISCONTINUED OPERATIONS:
 

 
 

 
 

 
 

 
 

Net cash provided by (used) in discontinued operations
—

 
—

 
(606
)
 
—

 
(606
)
Effect of exchange rate changes on cash and equivalents
—

 
(264
)
 
272

 
—

 
8

NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS
1,421

 
315

 
(9,321
)
 
—

 
(7,585
)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD
1,649

 
25,217

 
45,511

 
—

 
72,377

CASH AND EQUIVALENTS AT END OF PERIOD
$
3,070

 
$
25,532

 
$
36,190

 
$
—

 
$
64,792


CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the Three Months Ended December 31, 2018
 
($ in thousands)
Parent Company
 
Guarantor Companies
 
Non-Guarantor Companies
 
Elimination
 
Consolidation
CASH FLOWS FROM OPERATING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Net income (loss)
$
8,753

 
$
16,804

 
$
16,847

 
$
(33,651
)
 
$
8,753

Net cash provided by (used in) operating activities:
(23,532
)
 
16,272

 
8,301

 
—

 
1,041

CASH FLOWS FROM INVESTING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Acquisition of property, plant and equipment
(18
)
 
(6,935
)
 
(1,444
)
 
—

 
(8,397
)
Acquired businesses, net of cash acquired
(9,219
)
 
—

 
—

 
—

 
(9,219
)
Proceeds from sale of assets
—

 
38

 
13

 
—

 
51

Net cash provided by (used in) investing activities
(9,237
)
 
(6,897
)
 
(1,431
)
 
—

 
(17,565
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Purchase of shares for treasury
(1,348
)
 
—

 
—

 
—

 
(1,348
)
Proceeds from long-term debt
32,412

 
—

 
6,553

 
—

 
38,965

Payments of long-term debt
(569
)
 
(855
)
 
(2,898
)
 
—

 
(4,322
)
Change in short-term borrowings
—

 
38

 
—

 
—

 
38

Contingent consideration for acquired businesses
—

 
—

 
(1,686
)
 
—

 
(1,686
)
Financing costs
(67
)
 
—

 
—

 
—

 
(67
)
Dividends paid
(3,143
)
 
—

 
—

 
—

 
(3,143
)
Other, net
137

 
7,240

 
(7,240
)
 
—

 
137

Net cash provided by (used in) financing activities
27,422

 
6,423

 
(5,271
)
 
—

 
28,574

CASH FLOWS FROM DISCONTINUED OPERATIONS:
 

 
 

 
 

 
 

 
 

Net cash provided by (used in) discontinued operations
—

 
—

 
(458
)
 
—

 
(458
)
Effect of exchange rate changes on cash and equivalents
—

 
(55
)
 
457

 
—

 
402

NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS
(5,347
)
 
15,743

 
1,598

 
—

 
11,994

CASH AND EQUIVALENTS AT BEGINNING OF PERIOD
15,976

 
16,353

 
37,429

 
—

 
69,758

CASH AND EQUIVALENTS AT END OF PERIOD
$
10,629

 
$
32,096

 
$
39,027

 
$
—

 
$
81,752